India and Brazil Vow to Intensify Trade Relationship
Following the 17th BRICS summit held in Rio de Janeiro on July 6-7, Indian Prime Minister Narendra Modi visited Brazil’s capital, Brasilia, for an official state visit. Although this was Modi’s fourth trip to Brazil in the past decade, it marked only the second bilateral state visit by an Indian leader to Brazil, the first having occurred 57 years ago.
During the visit, Modi and Brazilian President Lula discussed a broad range of topics within their bilateral partnership, including defense and security, energy, digital transformation, and artificial intelligence. Both leaders expressed their intention to expand and diversify bilateral trade, setting a target of reaching $20 billion in trade volume within the next five years.
Data from UN Comtrade indicates that bilateral trade between India and Brazil has experienced substantial growth over the past decade, reaching a peak of $16.8 billion in 2022 before decreasing to $11.9 billion in 2024. Achieving the $20 billion target would represent a 67% increase in bilateral trade by 2030. In 2023, India’s exports to Brazil were valued at $6.4 billion, while imports from Brazil amounted to $5.5 billion. India primarily exports chemicals, oil, and pharmaceutical products, whereas Brazil mainly supplies agricultural commodities such as cane sugar and vegetable oils.
Comments
Post a Comment